<SEC-DOCUMENT>0000930413-20-000585.txt : 20200227
<SEC-HEADER>0000930413-20-000585.hdr.sgml : 20200227
<ACCEPTANCE-DATETIME>20200227161803
ACCESSION NUMBER:		0000930413-20-000585
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200227
DATE AS OF CHANGE:		20200227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			StoneCastle Financial Corp.
		CENTRAL INDEX KEY:			0001578987
		IRS NUMBER:				900934878
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22853
		FILM NUMBER:		20662270

	BUSINESS ADDRESS:	
		STREET 1:		152 WEST 57TH STREET 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-354-6500

	MAIL ADDRESS:	
		STREET 1:		152 WEST 57TH STREET 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>c95320_8k.htm
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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>



<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 1px solid">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of </B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)<B>&nbsp;<U>February 27, 2020</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>StoneCastle Financial Corp. </B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 34%; text-align: center"><B>333-189307</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>90-0934878</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%"><B>100 Fillmore Street, Suite 325, Denver, Colorado</B></TD>
    <TD STYLE="width: 21%"><B>80206</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(Address of principal executive offices)</TD>
    <TD>(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code (303) 398-2929</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1px solid">Title of each class</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1px solid">Trading Symbol(s)</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1px solid">Name of each exchange on which registered </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Common</TD>
    <TD>BANX</TD>
    <TD>NASDAQ </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &sect;240.12b-2). Emerging growth company <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1px solid">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 2.02 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results of
Operations and Financial Condition</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 0">On <B><U>February 27, 2020</U></B> the registrant
issued a press release announcing its financial results for the fourth quarter ended December 31, 2019. The text of the press
release is included as Exhibit 99.1 to this Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The information disclosed under this item
2.02 is being furnished and shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of
1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly
set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 9.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Exhibit Number</U></FONT></TD>
    <TD STYLE="width: 80%; font-size: 10pt; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="c95320_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release, dated <B><U>February 27, 2020</U></B></A></FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="font-size: 10pt; width: 60%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STONECASTLE FINANCIAL CORP</B>.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: <B><U>February 27, 2020</U></B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: /s/ <U>Patrick J. Farrell</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Patrick J. Farrell</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit Index</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Exhibit Number</U></FONT></TD>
    <TD STYLE="width: 80%; font-size: 10pt; border-bottom: Black 1px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Press Release, Dated <B><U>February 27, 2020</U></B></FONT></TD></TR>
</TABLE>

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<TYPE>EX-99.1
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2: EX-99.1 (EX-99.1)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0">Exhibit 99.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="x1_c95320a001.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>StoneCastle Financial
Corp. Reports Fourth Quarter 2019 Results </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">DENVER, February 27, 2020
&ndash; StoneCastle Financial Corp. (Nasdaq: BANX) (&ldquo;StoneCastle Financial&rdquo; or the &ldquo;Company&rdquo;), an investment
company registered with the Securities and Exchange Commission (&ldquo;SEC&rdquo;), today announced results for the fourth fiscal
quarter ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><B>Fourth Quarter 2019
Investment Highlights:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Invested
                                                                                                       $700,000 in F.N.B.C. of
                                                                                                       La Grange, Inc., Subordinated
                                                                                                       Debt, 6.38%, due 1/1/2030
                                                                                                       with an effective yield
                                                                                                       of 9.08%</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Realized
                                                                                                       a capital gain of $425,000
                                                                                                       from the partial call of
                                                                                                       $1.8 million of MMCaps
                                                                                                       Funding I, Ltd, Fixed Rate
                                                                                                       Senior Notes, 6.34%, due
                                                                                                       6/8/2031 </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Realized a capital gain of $366,000
                                                                on the sale of Howard Bancorp common stock</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">A complete listing of investments as of the
end of the quarter can be found on the Company&rsquo;s website at www.stonecastle-financial.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The estimated annualized
yield generated by the invested portfolio as of December 31, 2019 (excluding cash and cash equivalents) was approximately 9.58%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><B>Fourth Quarter 2019
Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Total earnings for the
fourth quarter were $3,453,993 or $0.53 per share. Net investment income was $2,663,178 or $0.41 per share, comprised of $4,114,601
gross income and $1,451,423 of expenses. For the quarter, net realized capital gains were $790,815 or $0.12 per share. Net Assets
at quarter end were $143,199,234. The unrealized appreciation of the portfolio decreased by $442,960 or $0.07 per share. The Company&rsquo;s
Net Asset Value was $21.83 per share, up $0.08 from the prior quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">In the fourth quarter,
the Company paid a cash distribution of $0.38 per share. The distribution was paid on January 3, 2020 to shareholders of record
at the close of business on December 23, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company had $17.7 million
outstanding on its $62.0 million credit facility at the quarter end, which represents approximately 11.0% of total assets. According
to regulated investment company rules, the Company may borrow only up to 33.3% of its total assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><B>Portfolio and Investment
Summary </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">As of the close of business
on December 31, 2019, the Company had total assets of $164,703,377 consisting of total investments of $162,264,915, cash of $35,328,
and other assets of $2,403,134. &nbsp;Other assets include interest and dividends receivable of $1,784,784 and prepaid assets of
$618,350.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">During the quarter, the
Company purchased $700,000 F.N.B.C. of La Grange, Inc. Subordinated Debt, 6.38%, due 1/1/2030 with an effective yield of 9.08%.
The Company received partial call proceeds of $1,837,622 from MMCaps Funding I, Ltd, Fixed Rate Senior Notes 6.34%, 6/8/2031. Additionally,
the Company also received $1,369,640 from the sale of Howard Bancorp common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><B>Quarterly Conference Call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">StoneCastle Financial will
host a webcast and conference call on February 27, 2020 at 5:00 pm Eastern time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The conference call can be accessed by
dialing 1-877-407-9039 for domestic callers or 1-201-689-8470 for international callers. Participants may also access the call
via live webcast by visiting StoneCastle Financial&rsquo;s investor relations website at <FONT STYLE="color: blue"><U>www.stonecastle-financial.com</U></FONT>.
To listen to a live broadcast, go to the website at least 15 minutes prior to the scheduled start time in order to register, download
and install any necessary audio software.&nbsp;A replay will be available shortly after the call and be available through midnight
(Eastern Time) on March 12, 2020. The replay can be accessed by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671
for international callers. The passcode for the replay is 13698624.&nbsp;The archive of the webcast will be available on the Company&rsquo;s
website for a limited time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><B>About StoneCastle Financial Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">StoneCastle Financial is an SEC
registered non-diversified, closed-end management investment company listed on the NASDAQ Global Select Market under the
symbol &ldquo;BANX.&rdquo; Its investment objective is to provide stockholders with current income and, to a lesser extent,
capital appreciation. StoneCastle Financial is managed by StoneCastle&ndash;ArrowMark Asset Management, LLC. To
learn more, visit <FONT STYLE="color: Blue"><U>www.stonecastle-financial.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><B>Disclaimer and Risk Factors:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">There is no assurance that
StoneCastle Financial will achieve its investment objective. StoneCastle Financial is subject to numerous risks, including investment
and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities
risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks,
market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade
above (a premium) or below (a discount) their net asset value. Shares of StoneCastle Financial may not be appropriate for all investors.
Investors should review and consider carefully StoneCastle Financial&rsquo;s investment objective, risks, charges and expenses. Past
performance does not guarantee future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">The Annual Report, Semi-Annual Report and other regulatory
filings of the Company with the SEC are accessible on the SEC&rsquo;s website at <FONT STYLE="color: blue"><B><U>www.sec.gov</U></B></FONT><B>
</B>and on the Company&rsquo;s website at <FONT STYLE="color: blue"><B><U>www.stonecastle-financial.com</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">CONTACT: Investor Contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; ">Julie Muraco</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; ">212-468-5441</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>STONECASTLE FINANCIAL CORP.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Statement of Assets and Liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; border-bottom: Black 1px solid; text-align: center">December 31, 2019</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: black; font-weight: bold; border-bottom: Black 1px solid; text-align: center">September 30, 2019</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 54%; color: black; text-align: left; padding-left: 10pt">Investments in securities, at fair value (cost: $163,178,428 and $167,368,577 respectively)</TD><TD STYLE="width: 5%; color: black">&nbsp;</TD>
    <TD STYLE="width: 4%; color: black; text-align: right">$</TD><TD STYLE="width: 14%; color: black; text-align: right">162,264,915</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 4%; color: black; text-align: right">$</TD><TD STYLE="width: 14%; color: black; text-align: right">166,898,025</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; padding-left: 10pt">Cash</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">35,328</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">118,193</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Interest and dividends receivable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,784,784</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,533,447</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Prepaid assets</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">618,350</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">653,468</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px; padding-left: 10pt">Total assets</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">164,703,377</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">169,203,133</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Loan payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">17,700,000</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">25,200,000</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Dividends payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">2,492,424</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Investment advisory fee payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">726,500</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">746,924</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Loan interest payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">38,976</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">38,541</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Directors fee payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">20,325</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">825</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Accrued expenses payable</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">525,918</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">536,219</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px; padding-left: 10pt">Total liabilities</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">21,504,143</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">26,522,509</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px">Net Assets</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">143,199,234</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">142,680,624</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Net Assets consist of:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; padding-left: 10pt">Common stock at par ($0.001 per share)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">$</TD><TD STYLE="color: black; text-align: right">6,559</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">$</TD><TD STYLE="color: black; text-align: right">6,559</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; padding-left: 10pt">Paid-in-Capital</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">144,875,823</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">143,864,020</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Total distributable earnings / (loss)</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(1,683,148</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(1,189,955</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px; padding-left: 10pt">Net Assets</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">143,199,234</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">142,680,624</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Net Asset Value Per Share: </TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">Common Stock Shares Outstanding</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">6,559,010</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">6,559,010</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">Net asset value per common share</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">21.83</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">21.75</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">Market price per share</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">22.30</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">22.16</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">Market price premium to net asset value per share</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">2.15</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">%</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">1.89</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">%</TD></TR>
</TABLE>


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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>STONECASTLE FINANCIAL CORP.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Statement of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; text-align: center">For The Three</TD><TD STYLE="color: black; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; text-align: center">For The Three</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; text-align: center">Months Ended</TD><TD STYLE="color: black; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; text-align: center">Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; text-align: center">December 31,</TD><TD STYLE="color: black; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; text-align: center">September 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; border-bottom: Black 1px solid; text-align: center">2019</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; border-bottom: Black 1px solid; text-align: center">2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD COLSPAN="9" STYLE="color: black; font-weight: bold">Investment Income</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; color: black; padding-left: 10pt">Interest</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; color: black; text-align: right">$</TD><TD STYLE="width: 10%; color: black; text-align: right">3,023,153</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; color: black; text-align: right">$</TD><TD STYLE="width: 10%; color: black; text-align: right">3,053,901</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; padding-left: 10pt">Dividends</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">909,992</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">774,108</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Origination fee income</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">27,553</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">13,828</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Other Income (service fees and due diligence fees)</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">153,903</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">119,326</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px">Total Investment Income</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">4,114,601</TD><TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">3,961,163</TD><TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD COLSPAN="9" STYLE="color: black; font-weight: bold">Expenses</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Investment advisory fees</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">726,500</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">746,924</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Interest expense</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">263,564</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">258,348</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Professional fees</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">40,760</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">66,760</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Transfer agent, custodian fees and administrator fees</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">73,159</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">73,159</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Directors&rsquo; fees</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">77,879</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">66,827</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Bank administration fees</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">40,457</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">40,457</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">ABA marketing and licensing fees</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">37,846</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">37,845</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Investor relations fees</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">31,204</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">31,205</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Delaware franchise tax</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">22,943</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">22,943</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Insurance expense</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">18,148</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">18,148</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Valuation fees</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">15,153</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">15,152</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; padding-left: 10pt">Printing</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">14,671</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">14,670</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Due diligence expense</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">45,400</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Miscellaneous fees (proxy, rating agency, etc.)</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">43,739</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">69,225</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px; padding-left: 10pt">Total expenses</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">1,451,423</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">1,461,663</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-left: 10pt">Net Investment Income</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">2,663,178</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">2,499,500</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-left: 10pt">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="color: black; font-weight: bold">Realized and Unrealized Gain / (Loss) on Investments</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-left: 10pt">Net realized gain on investments</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">$</TD><TD STYLE="color: black; text-align: right">790,815</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">$</TD><TD STYLE="color: black; text-align: right">922,827</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Net change in unrealized appreciation on investments</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(442,960</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">)</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(1,224,760</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Net realized and unrealized gain / (loss) on investments</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">347,855</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">(301,933</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px; padding-left: 10pt">Net Increase in Net Assets Resulting From Operations</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">3,011,033</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">2,197,567</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>STONECASTLE FINANCIAL CORP.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Financial Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; text-align: center">For The Three Months</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">Ended December
    31,<BR>
2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold"><U>Per Share Operating Performance</U></TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: black; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; color: black; font-weight: bold">Net Asset Value, beginning of period</TD><TD STYLE="width: 10%; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; color: black; font-weight: bold; text-align: right">$</TD><TD STYLE="width: 15%; color: black; font-weight: bold; text-align: right">21.75</TD><TD STYLE="width: 1%; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left"><FONT STYLE="color: black">Net investment income<SUP>(1)</SUP></FONT></TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">$</TD><TD STYLE="color: black; text-align: right">0.41</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px"><FONT STYLE="color: black">Net realized and unrealized gain
    / (loss) on investments<SUP>(1)</SUP></FONT></TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">0.05</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px">Total from investment operations</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">0.46</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Less distributions to shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px">From net investment income</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(0.38</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px">Total distributions</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">(0.38</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">Net asset value, end of period</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">21.83</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">Per share market value, end of period</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">22.30</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; text-align: left"><FONT STYLE="color: black"><B><U>Total Investment Return <SUP>(2)</SUP></U></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px">Based on market value</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">2.35</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Based on net asset value</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">2.08</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; font-weight: bold; text-align: left"><U>Ratios and Supplemental Data</U></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; text-align: left">Net assets, end of period (in millions)</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">143.2</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Ratios (as a percentage to average net assets):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt"><FONT STYLE="color: black">Expenses before waivers<SUP>(3)(4)*</SUP></FONT></TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">4.03</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt"><FONT STYLE="color: black">Expenses after waivers<SUP>(5)*</SUP></FONT></TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">4.03</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt"><FONT STYLE="color: black">Net investment income<SUP>(6)*</SUP></FONT></TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">7.39</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Portfolio turnover rate**</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; text-align: right; border-bottom: Black 1px solid">2</TD><TD STYLE="color: black; text-align: left; border-bottom: Black 1px solid">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: right">&nbsp;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; font-weight: bold; text-align: left"><U>Revolving Credit Agreement</U></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px">Total revolving credit agreement outstanding (000&rsquo;s)</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">$</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">17,700</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1px"><FONT STYLE="color: black">Asset coverage per $1,000 for revolving
    credit agreement<SUP>(7)</SUP></FONT></TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">9,090</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>






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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 18pt">(1)</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="color: black">Based on the average shares outstanding during quarter.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD>(2)</TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="color: black">Reflects reinvestment
                                                        of distributions at the price obtained under the Dividend Reinvestment
                                                        Plan. Total return does not include sales load and offering expenses and
                                                        are not annualized.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(3)</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="color: black">Excluding interest expense, the ratio would have been 3.30%.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(4)</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="color: black">Ratio of expenses before waivers to average managed assets equals 3.45%.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(5)</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="color: black">Ratio of expenses after waivers to average managed assets equals 3.45%.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(6)</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="color: black">Ratio of net investment income to average managed assets equals 6.33%.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
<TD>(7)</TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="color: black">Calculated by
                                                        subtracting the Company&rsquo;s total liabilities (excluding the loan) from
                                                        the Company&rsquo;s total assets and dividing the amount by the loan outstanding
                                                        in 000&rsquo;s.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><I>*</I></TD>
    <TD COLSPAN="2" STYLE="text-align: left">Annualized</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><I>**</I></TD>
    <TD COLSPAN="2" STYLE="text-align: left">Not-annualized</TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
